HK Stock Movement | JIAXIN INTL RES (03858) Rises Over 5% as Tungsten Prices Enter Upward Trend; Company's Bakuta Tungsten Mine Boasts Abundant Resources

Stock News11-28

JIAXIN INTL RES (03858) surged over 5%, reaching HK$34.82 by the time of writing, with a trading volume of HK$16.40 million. The rally follows reports indicating a strong upward trend in China's tungsten market in November 2025, significantly outperforming market expectations. Key drivers include tight supply-demand dynamics, firm pricing sentiment among sellers, sustained long-term contract pricing by major enterprises, rising international tungsten prices, and heightened strategic value of tungsten amid global competition for critical minerals.

In November 2025, the average price of 65% black tungsten concentrate reached 322,100 yuan per ton, up 15.79% month-on-month and 124.50% year-on-year. Similarly, 65% white tungsten concentrate averaged 321,100 yuan per ton, rising 15.85% month-on-month and 125.37% year-on-year.

CITIC Securities noted that export controls and quota reductions have propelled tungsten prices into an upward trajectory. Tungsten-related stocks have significantly outperformed the CSI 300, with JIAXIN INTL RES (03858) gaining 29% since its listing on August 28, 2025, and surging 359% from its issue price. The company's key asset is the Bakuta Tungsten Mine in Kazakhstan, which has commenced production.

CMSC highlighted the mine's abundant resources, projecting strong profit growth for the company amid rising tungsten prices.

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